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ePaper created 2014-11-14, 10:54:05 | version 1.33.01
DEUTSCHE EUROSHOP INTERIM REPORT 9M 2014 04 EXPECTED RESULTS OF OPERATIONS AND FINANCIAL POSITION Based on the results for the first nine months, we confirm our full- year guidance for 2014. We continue to expect • revenue of between €198 million and €201 million • earnings before interest and taxes (EBIT) of between €174 million and €177 million • earnings before taxes (EBT) excluding measurement gains/losses of between €120 million and €123 million • funds from operations (FFO) per share of between €2.14 and €2.18 DIVIDEND POLICY We intend to maintain our long-term, reliable dividend policy and anticipate that we will be able to pay a dividend of €1.30 per share to our shareholders for 2014. Risk Report There have been no significant changes since the beginning of the financial year with regard to the risks associated with future busi- ness development. We do not believe the Company faces any risks capable of jeopardising its continued existence. The information provided in the risk report of the consolidated financial statements as at 31 December 2013 is therefore still applicable. FINANCIAL POSITION AND NET ASSETS NET ASSETS AND LIQUIDITY The Deutsche EuroShop Group’s total assets were down by just €14.7 versus the end-2013 figure to €3,380.2 million. Whereas non-current assets have decreased by €30.9 million and receivables and other current assets by €3.6 million, cash and cash equivalents have risen €22.8 million to €63.6 million since 31 December 2013 (€40.8 million). EQUITY RATIO OF 48.4% The equity ratio (including shares held by third-party shareholders) has remained unchanged since the last reporting date, at 48.4%. LIABILITIES Current and non-current financial liabilities totalled €1,461.1 million as at 30 September 2014. This was €25.6 million lower than at the end of 2013, mainly because utilisation of credit lines was down. Non-current deferred tax liabilities increased by €10.0 million to €208.5 million due to additional provisions, while redemption entitle- ments for third-party shareholders rose by around €0.5 million to €.214.0 million. Conversely, other current and non-current liabilities and provisions shrank by €8.7 million. Report on Events after the Balance Sheet Date No further significant events occurred between the balance sheet date of 30 September 2014 and the date of preparation of the finan- cial statements. Outlook ECONOMIC CONDITIONS The German federal government lowered its growth forecast from 1.8% to 1.2% at the start of October. The world’s ongoing geopolitical crises are now having an impact in Germany in the shape of a fall in exports. The signals point to at least a degree of stagnation in the short term. Globally, the markets remain cautiously optimistic that the economy is experiencing just a temporary weak phase and that output will pick up again in the year ahead. Unemployment is set to remain at the current level, while inflation will be modest. The labour force participation rate could rise slightly again – to 42.1 million people in employment – and salaries may increase slightly. The Ger- man Retail Federation (HDE) predicts that retail sales will rise by 1.8% in 2014. In this light, we expect Deutsche EuroShop’s business to once again perform positively and according to plan this year. DEUTSCHE EUROSHOP INTERIM REPORT 9M 201404